$450000

Cedarway Apartments
  • Units: 16
  • Cap Rate: 9.61 Percent
  • Price Paying: 40.71 sqft
  • Price Per Unit: $28,125
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.88
  • Year Built: 1969
  • Monthly Income Per Unit: $430.30
  • Expense to Income Ratio: 53.10% Percent
  • Average Square Feet: 691
  • Debt Service Coverage: 1.87
  • Cash Flow: 20,070
  • ROI Year One: 17.84%
  • Listing Agent: A.J. Beachum, J.D.
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Cedarway Apartments is located at 645 East Jolly Road in Lansing, Michigan. It is comprised of a 16-unit, two-story, low-rise building built in 1969. The building contains a competitive mix of nine one-bedroom units with approximately 645 ft.2 of living space and seven two-bedroom units with 750 ft.2. The complex offers a balcony designed second floor and ample parking to its residents. The utility breakdown of this property includes landlord-paid gas and water, hot-water baseboard heating and tenant-paid electric.

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    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301